Chimera Investment Corporation 8.875% Senior Notes due 2030 (CIMP)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am looking at CIMP as a creditor, not as an owner. The security is Chimera Investment Corporation's 8.875% senior notes due 2030, so my return depends on timely interest and principal, not on equity upside. The business quality is hard to judge because revenue and balance-sheet detail are not in the figures, and I see no evidence of a durable moat. The filed numbers show an issuer that has been profitable annually: net income was $126.1M in fiscal year 2023, $176.1M in fiscal year 2024, and $230.5M in fiscal year 2025. That trend is constructive, and the Lynch category is TURNAROUND—returned to profit after a loss within the last three years. But the quarterly record is uneven: in fiscal Q1 2026 (quarter ended 2026-03-31) net loss was $43.9M and diluted EPS was -$0.78, while fiscal Q2 2026 (quarter ended 2026-06-30) showed net income of $17.4M but diluted EPS of -$0.05. Earlier, fiscal Q3 2025 (period ended 2025-09-30) had a net loss of $580,000, and fiscal Q4 2025 (period ended 2025-12-31) net income was $28.3M. Those swings matter because credit quality is about consistency and coverage. The note closed at $24.56 on 2026-10-16, inside a 52-week range of $24.04-$25.64. I have no revenue, debt, interest expense, collateral, or asset-coverage figures here, so I cannot compute a true margin of safety. My conclusion: the annual earnings record and seniority are helpful, but missing credit metrics and quarterly volatility make this a fair-priced, data-limited credit, not a bargain.

In plain English: These are debt notes from Chimera Investment Corporation, a real estate company; they promise 8.875% interest and repayment in 2030. The issuer has been profitable in recent full years, with net income of $126.1 million in fiscal year 2023, $176.1 million in fiscal year 2024, and $230.5 million in fiscal year 2025, but fiscal Q1 2026 had a $43.9 million loss. The note price is $24.56, within its 52-week range of $24.04 to $25.64, so on the limited numbers it looks fair rather than clearly cheap or expensive.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q4 2025 10-K (period ended 2025-12-31) · fiscal Q3 2025 10-K (period ended 2025-09-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer